Gold has been on fire, rising 60% this year. Derek Macpherson, CEO of West Point Gold, attributes this to central bank buying and an increasing number of Western investors. The shift in physical gold from West to East is a response to the weaponization of the SWIFT system, prompting nations to diversify reserves. The U.S. dollar remains dominant, but the physical gold market, particularly in Shanghai, is gaining influence. For investors, the initial phase of a gold bull market sees physical gold outperforming, but as it matures, gold equities and producers become more attractive.

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